Client Alert: New Proposed Rules on Incentive Compensation Pursuant to Dodd-Frank Act
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”) contains many provisions requiring bank regulatory agencies to implement regulations affecting compensation at financial institutions. Last week, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Office of Thrift Supervision, the National Credit Union Administration, the Securities and Exchange Commission and the Federal Housing Finance Agency (the “Agencies”) issued proposed rules to implement Section 956 of Dodd-Frank. While these rules are just proposed and subject to comment and revision, we think there are general things that your organization should be considering now so that you can develop a plan for compliance with the final rules, once implemented.
The Compensation and Employment Group has prepared a Client Action Alert that contains an overview of the proposed rules and suggested action items that affected organizations should consider implementing. Please click below to read the Alert.